SARASOTA, Fla., March 7, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (AXLX.PK), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services, today provides guidance on financial results for its 3rd quarter ended February 28, 2013.
Revenues are expected to reach $240,000 for the quarter and over $700,000 for the nine months ended February 28, 2013. This is against zero revenues for the same periods of last fiscal year. Gross margins are set to stay above 90%. EBITDA is expected to be negative in the quarter as a result of startup costs associated with the Axiocomm subsidiary and certain due diligence expenses relating to the pending acquisition. Cash balance is expected to increase during the quarter. The Company also reduced net debt in the period as a result of the transaction with Ironridge, as previously announced.
As at February 28, 2013 the total issued and outstanding common shares were 1.63 billion and the free float was 525 million as at the same date.
The Company intends to file its full report for the quarter and nine months ended February 28, 2013 through the OTC Markets Disclosure and News Service on or before April 12, 2013 in line with 'Pink Current' reporting requirements that will provide further details on the quarter and year-to-date performance.
Vincent Browne, Chairman and Chief Executive of Axiologix, Inc. said, "We continue to build a robust business that shows consistent results while also investing for the future by way of solid organic operations and strategic acquisitions. We recently announced our intent to purchase a provider of IP voice and data services in California and hope to have more announcements shortly. In the meantime, we are working to close this acquisition as soon as possible to further underpin our growth and profitability going forward."
About Axiologix, Inc.
Axiologix, Inc. is an International Technology and Services Organization focused on delivering Cloud-based Products and Services to small and medium sized businesses primarily in the United States and to operators globally. Axiologix is headquartered in Florida, with international operations in Dublin, Ireland. Additional information may be found at www.axiologix.net
This press release contains forward-looking statements. Words such as "expects", ``intends'', ``believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Axiologix, Inc.